Polygon network recorded a daily trading volume of more than $11.4 million on the OpenSea NFT marketplace. Polygon’s anticipated zkEVM update is attracting investors to the network. Polygon’s native token, MATIC, is reflecting the network’s growing status with recognizable uptrend.
The jump in Polygon’s activity is because of the recent collaboration between Reddit and the NFL with the goal of minting polygon-inspired Super Bowl Collectible Avatars. In a period of only four days, about 1 million avatars were minted, which broke an all-time record as far as daily Reddit Collectible Avatar mints are concerned. At the moment, 1,198,629 Super Bowl avatars have been minted.
Polygon’s native token, MATIC, is reflecting the network’s growing status. MATIC has been in an uptrend since the start of the year, beginning at $0.75 and reaching a current price of $1.25. The token reached a local high of $1.34 before retracing.
Overall, the Polygon network is experiencing a period of growth, with significant trading activities becoming a trend on the network. The zero-knowledge update and the rising popularity of NFTs are attracting investors to the Polygon network, and its native token, MATIC, is reflecting this growth.
Meanwhile, MATIC has retained a 2% gain in the past 24 hours, making it the highest gainer among the top 20 assets within the time frame. The asset is changing hands at $1.34, up 8.56% in the past seven days. With a current market cap of $11.68B, MATIC looks poised to overtake Dogecoin as the ninth biggest asset by valuation.
Crypto analytics account Zytrades noted that MATIC recently broke its yearly trend line resistance following the surge above $1.05. The analyst asserted that the asset could rally to $1.74 if it can break above $1.30. Nonetheless, he noted that if MATIC cannot break through, it could plummet to the $0.95 low.
Despite the asset’s promising position, notable crypto influencer and analyst Crypto Rover disclosed that MATIC had formed a rising wedge at its current point. A rising wedge is formed when the price of an asset is trending upwards, and the movement is contained within a converging upward-slanting channel. Traders interpret this as a bearish signal because it suggests that buying pressure is weakening despite the upward price trend, and a reversal could be brewing.
According to a tweet from Polygon, the Virtasy launch will be for “Early Access” to the public, with rewards and community engagement opportunities for collectors. It is a major move for Shemaroo, which has committed to the NFT space and is emerging as a driving force for innovation in the entertainment industry.
In partnership with Seracle, a Web3 full-stack infrastructure company, Virtasy offers a cost-effective, fast, and secure platform for Bollywood fans to connect with their favorite IPs. The NFT marketplace provides a unique opportunity for fans to bring the magic of Bollywood to the metaverse and make it a part of their digital lives.
